Q1 2014
Issue No 13
Dear Reader,
On 3 rd February , Ablynx announced that it had expanded its relationship with Merck & Co., known outside the US and Canada as MSD, through the signing of a second research collaboration and licensing agreement that could be worth up to €1.7 billion in total.
This new exclusive collaboration and licensing agreement is focused on the discovery and
We are pleased to send you Ablynx’s quarterly newsletter designed to provide an update for the investment community.
This newsletter highlights the key progress Ablynx has made during the first quarter of 2014 and also gives an overview of the investor events Ablynx has development of several predefined Nanobody candidates (including bi- and tri-specifics) directed toward so called “immune checkpoint modulators,” proteins believed to provide potential targets for the development of cancer immunotherapies, a rapidly emerging approach to the treatment of a wide range of cancer types.
Under the terms of the agreement, Ablynx will receive an upfront payment of €20 million and up to €10.7 participated in, as well as the upcoming events where you have an opportunity to meet with management.
In addition, we are pleased to inform you that the annual report 2013 is now available on the
Company’s website investors>investor relations under
. the section million in research funding during the initial three year research term of the collaboration. In addition, Ablynx is eligible to receive development, regulatory and commercial milestone payments on achieved sales thresholds for a number of products with ultimate potential to accrue as much as €1.7 billion plus tiered royalties. Merck will be responsible for the development, manufacturing and commercialisation of any products resulting from the collaboration.
Ablynx presented an update on its anti-vWF Nanobody, caplacizumab, at the annual JP Morgan healthcare conference held from 13 th to 16 th January in San Francisco. Caplacizumab is a potential first-in-class therapeutic for the treatment of acquired
TTP, a rare blood disorder. The worldwide Phase II study was initiated end of 2010 with the goal to recruit 110 patients. Given the slower than anticipated recruitment rate, Ablynx decided to stop recruitment in January 2014 to allow earlier analysis of the data for potential proof-of-concept. Phase II results are now expected in June 2014.
On 27 th February , Ablynx announced an update on two programmes in pre-clinical development. The anti-RSV Nanobody,
ALX-0171, demonstrated pre-clinical proof-of-concept in a neonatal lamb model showing that treatment with ALX-0171 led to a strong reduction in viral titres and inflammation in the lungs. In addition, ALX-0171 was effective on various clinical signs and symptoms, such as behavioural activity and general well-being. Pre-clinical results with the anti-IgE Nanobody, ALX-0962, for use in the treatment of severe allergic asthma, had demonstrated that ALX-0962 has a dual mode of action, but upon review of the final pre-clinical data package, it was clear that results were not sufficiently compelling to ensure a significant competitive advantage compared with the benchmark and so the programme was stopped.
Ablynx is covered by six analysts; five analysts have a BUY rating and one analyst has an ADD rating on the Company. The average target price is €12 per share (compared to €11 per share at the end of 2013).
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For further information please email us: investors@ablynx.com or phone +32 9 262 00 00

The free float of the Company increased to 85% from 53% at the end of 2012. The total number of outstanding shares is
49 million and there are 2.8 million warrants outstanding.
Ablynx organises frequent shareholders’ clubs at its headquarters in Ghent where individual retail investors have the opportunity to meet with the CFO and visit the laboratories. The next event (Dutch only) is scheduled to take place on 21 st May 2014 at 17.45h CET. If you would like to attend, please register via investors@ablynx.com
. The calendar for all upcoming shareholders clubs is available on the Ablynx website .
2013 full year results
On 27 th February , Ablynx announced its results for the full year 2013 demonstrating that the Company had a very strong year, both financially and operationally.
Revenues were up 34% to €35.9 million comprising
FTE funding, milestone payments, recognised income from the upfront payment received from AbbVie, and grant income. Cash income of €157.6 million from collaborations showed a fourfold increase. Total research and development costs decreased to €43.7 million, in line with lower external development costs which are largely related to the timing of clinical trial spending. General and administrative expenses remained well under control at €10.0 million. The net loss for the year reduced by 32% to €19.5 million.
Ablynx ended the year with a strong financial position of €200.4 million in cash, cash equivalents, restricted cash and short-term investments.
The Company is well-positioned for further growth in
2014 with considerable progress expected in the clinical product pipeline with up to 5 clinical trial readouts and up to 6 clinical trial initiations. In addition, the Company expects to receive milestone payments from on-going partnerships and to enter into potential new collaborations. The net cash burn guidance for the full year 2014 is in the range of €30-
35 million.
1 st April 2014
Annual Kempen Healthcare Conference – Amsterdam
19 th – 21 st May 2014
UBS Global Healthcare Conference – NYC
26 th May 2014
SFAF meeting – Paris – presentation at 2.30pm CET
2 nd – 5 th June 2014
Annual Jefferies Healthcare Conference – NYC
26 th April 2014
VFB Happening - Antwerp
10 th May 2014
KBC Bolero Investors’ forum – Limburg (venue TBC)
During the first quarter, Ablynx met with approx. 90 institutional investors during 1-1 meetings at the annual KBC Healthcare
Conference in Brussels, the annual CS Healthcare conference in
London, and the annual JP Morgan Healthcare conference in San
Francisco, as well as on road shows across Europe and the US.
The Company also met with individual investors during three separate retail investors’ events organised at Ablynx and 2 retail investors’ events organised in Ghent by KBC Private Banking and in Brussels by the Flemish Federation of Investors Brussels (VFB
Trefpunt Brussels).
24 April – Annual General Meeting
14 May – Q1 2014 results
28 August – Half year results 2014
13 November – Q3 2014 results
MARIEKE VERMEERSCH
Associate Director Investor
Relations
Ablynx nv
Technologiepark 21
9052 Zwijnaarde
Belguim
Tel +32 (0)9 262 00 82
Fax +32 (0)9 262 00 01
Mobile +32 (0) 479 490 603 marieke.vermeersch@ablynx.com www.ablynx.com
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